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bankruptcy and returning to school

I graduated from University in May, 2006; and my last student loan/full-time student study period was the 2005-2006 school year. Now due to the economic downturn and losing my employment; I hope to return to school for a few classes as a full-time student from May to December 2009; and this period would be self-funded (no student loan). Would Returning to university re-set the clock on my ability to declare bankruptcy on my current student loans? Would I be able to declare bankruptcy on my student loans in June 2011? Or would I have to wait until either June 2013 or December 2017? What about default; would I be able to have my student loans discharged (at the applicable time) if they are in default?

Posted from: British Columbia
June 2011? Or would I have to wait until either June 2013 or December 2017? What about default; would I be able to have my student loans discharged (at the applicable time) if they are in default?

Posted from: British Columbia

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One Response to “bankruptcy and returning to school”

Barton Goth – Goth & Company Inc. -Trustee in Bankruptcy said...

You are correct that returning to school would re-set the clock on your ability to declare bankruptcy and be cleared from your student loans. The legislation looks at the last physical date that school was attended. So if your last class was attended on December 2009 then you would not be eligible to have any of your student loans cleared by a bankruptcy until January 1, 2017.